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GM chief's total pay expects to reach US$9m
By Dan Strumph |
February 22, 2010, Monday
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Print Edition
Print Edition
GENERAL Motors CEO Ed Whitacre will receive a salary of US$1.7 million this year, plus stock awards that will bring his total pay package to US$9 million at a later date, according to the US auto maker.
GM also said on Friday that former CEO Fritz Henderson, who was forced out of the job in December, has been rehired as a consultant and will be paid US$59,090 a month. He will work 20 hours a month.
Whitacre's total compensation is larger than Henderson's when he was CEO. Henderson received a total pay package worth nearly US$5.5 million.
Whitacre's pay package includes a cash salary of US$1.7 million that took effect on January 1. It also includes US$5.3 million in stock awarded in increments starting in 2012, plus another stock award worth US$2 million. The details, including the timing, of the US$2 million stock award still need to be worked out, a GM spokeswoman said.
GM is 60 percent owned by the federal government and has received US$52 billion in federal aid. The company plans to repay as much of the money as possible by issuing stock to the public, possibly as early as this year.
Initially named interim CEO by the board of directors in December, Whitacre was officially awarded the title in January. At the time, Whitacre, who is also chairman, said the main reason he was taking the job was to bring stability to the top of the struggling Detroit auto maker.
Whitacre, a former CEO of AT&T Inc, made US$350,000 as chairman, but his CEO salary had to be set by the board and approved by the United States government. GM said Whitacre will not receive any additional compensation as chairman.
Whitacre's pay package exceeds the limits imposed on companies that have received US government aid, but an exemption was worked out with government pay czar Kenneth Feinberg, GM said.
New CFO Chris Liddell will get a salary of US$750,000 next year.
GM also said on Friday that former CEO Fritz Henderson, who was forced out of the job in December, has been rehired as a consultant and will be paid US$59,090 a month. He will work 20 hours a month.
Whitacre's total compensation is larger than Henderson's when he was CEO. Henderson received a total pay package worth nearly US$5.5 million.
Whitacre's pay package includes a cash salary of US$1.7 million that took effect on January 1. It also includes US$5.3 million in stock awarded in increments starting in 2012, plus another stock award worth US$2 million. The details, including the timing, of the US$2 million stock award still need to be worked out, a GM spokeswoman said.
GM is 60 percent owned by the federal government and has received US$52 billion in federal aid. The company plans to repay as much of the money as possible by issuing stock to the public, possibly as early as this year.
Initially named interim CEO by the board of directors in December, Whitacre was officially awarded the title in January. At the time, Whitacre, who is also chairman, said the main reason he was taking the job was to bring stability to the top of the struggling Detroit auto maker.
Whitacre, a former CEO of AT&T Inc, made US$350,000 as chairman, but his CEO salary had to be set by the board and approved by the United States government. GM said Whitacre will not receive any additional compensation as chairman.
Whitacre's pay package exceeds the limits imposed on companies that have received US government aid, but an exemption was worked out with government pay czar Kenneth Feinberg, GM said.
New CFO Chris Liddell will get a salary of US$750,000 next year.
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